Hungary: foreign firms look to buy bankrupt KHG Uveggyar

Interest in buying Hungarian glass manufacturer KHG Uveggyar Kft. has come from foreign companies, local media reported on 19 May 2005.
KHG Uveggyar has been in liquidation since the beginning of Apr…

Interest in buying Hungarian glass manufacturer KHG Uveggyar Kft. has come from foreign companies, local media reported on 19 May 2005. KHG Uveggyar has been in liquidation since the beginning of April 2005 over debts of HUF 370 million (USD 1.9 million/EUR 1.5 million). The firm“s assets have been estimated at between HUF 350 million (USD 1.8 million/EUR 1.4 million) and HUF 400 million (USD 2.0 million/EUR 1.6 million). KHG Uveggyar halted production at its loss-making plant in Nagykanizsa, southwestern Hungary, it was reported on 18 January 2005. At the end of 2004, the company settled with one of its creditors, Austrian Erste Bank, with the plant“s whole revenue from December 2004, but is currently unable to pay local power suppliers.